New or first-time home buyers are often very nervous to submit an offer on a home. This is understandable as this may be one of the biggest purchases of their life. There are time periods incorporated into a purchase contract that protects the buyer and can set the purchaser at ease. The first one is the due diligence time period. This is usually at the beginning and lasts between 7-10 days. During this time the buyer will be able to have different inspections performed to make sure the property is in good or acceptable condition. If during the due diligence time frame, issues arise or the home is not what the buyer anticipated, the buyer can cancel the transaction without repercussions. There are other contingencies that protect a buyer such as the appraisal contingency, the approval of the CC&R's (ex: HOA rules), and the loan contingency. If the buyers loan falls through, the loan contingency allows the contract to be cancelled. If the home does not appraise for the right price then the buyer can negotiate with the seller or cancel the purchase contract. If the buyer does not accept the CC&R rules then the buyer can legally rescind. Each contract is going to be unique and must be reviewed and understood, but most contracts should have these contingencies to protect buyers. Our agents know how to protect our buyers. If you are ready to buy, sell, or invest in Boulder City, Henderson, or Las Vegas, Nevada, give us a call. Pinyon Properties is your real estate one-stop-shop!
